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NOTICE 06/2006 Rules for Determining Electricity Indexes 17.December.2013 OMIP Notice 06/2006 Rules for Determining Electricity Indexes Versions Index 30.June.2006 Initial Version 18.November.2008 Registration with The Portuguese Securities Market Commission (CMVM) on October 30th, 2008 as a MIBEL Derivatives Market Rule as a EU Regulated Market according to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (MiFID) 17.December.2013 Included the IFTR E-P and IFTR P-E indexes DISCLAIMER The English language text below is not an official translation and is provided for information purposes only. The original text of this document is in the Portuguese language (available in www.omip.eu ) and it was registered by the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários). In the event of any discrepancies between the English translation and the Portuguese original, the Portuguese original shall prevail. Whilst every effort has been made to provide an accurate translation we are not liable for the proper and complete translation of the Portuguese original and we do not accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation. This document is available in www.omip.eu © Copyright/Direitos de Autor 2013 OMIP – Pólo Português, S.G.M.R., S.A. OMIP Notice 06/2006 Rules for Determining Electricity Indexes OMIP approves this Notice which sets the rules for determining electricity indexes. General Definitions 1. For each calendar day, OMIP calculates and publish the following indexes: SPEL Base PTEL Base SPEL Peak PTEL Peak IFTR E-P Base IFTR P-E Base 2. The indexes listed in the previous paragraph are calculated based on hour marginal prices formed on the daily market of the Spot Market managed by OMIE, to the Spanish and Portuguese zones of MIBEL, respectively: Hour marginal price of the Spanish system Hour marginal price of the Portuguese system 3. The time references included in this Notice refer to the official Spanish time, hereinafter referred to as HOES. SPEL Index Calculation Methodology 4. For each calendar day, the “SPEL Base” index corresponds to the arithmetic mean of hour marginal prices of the Spanish system for the 24 (23 or 25) hours of a day (HOES), rounded two decimals. The respective calculation formula is the following: n SPEL Base Index SMPe i i 1 n Considering that: n = number of hours on a calendar day (24 hours, except on the last Sundays of March – 23 hours and October – 25 hours); i = corresponds to each hour (HOES) of a calendar day for which the SPEL Base index is being calculated; i SMP (e) = hour marginal price of the Spanish system for the hour i, defined in € per MWh with two decimals. 1 5. For each week day – Monday to Friday - the “SPEL Peak” index corresponds to the arithmetic mean of hour marginal prices of the Spanish system, for the period comprised between 8:00 and 20:00 (HOES), and rounded to two decimals. The respective calculation formula is the following: 1 This includes public holidays, from Monday to Friday. OMIP Notice 06/2006 1 n SPEL Peak Index SMPe j j1 n Considering that: n = number of “peak” hours on a business day (period comprised between 8:00 and 20:00 (HOES), equivalent to 12 hours); j = corresponds to each “peak” hour (HOES) for the day the SPEL Peak index is being calculated; j SMP(e) = hour marginal price of the Spanish system for the hour j, defined in € per MWh with two decimals. PTEL Index Calculation Methodology 6. For each calendar day, the “PTEL Base” index corresponds to the arithmetic mean of hour marginal prices of the Portuguese system, for the 24 (23 or 25) hours of a day (HOES), rounded to two decimals, and with the following calculation formula: n PTEL Base Index SMPp i i 1 n Considering that: n = number of hours on a calendar day (24, except on the last Sundays of March - 23 and October - 25); i = corresponds to each hour (HOES) of a calendar day for which the PTEL Base index is being calculated; i SMP(p) = hour marginal price of the Portuguese system for the hour i, defined in € per MWh with two decimals 2 7. For each week day – Monday to Friday - the “PTEL Peak” index corresponds to the arithmetic mean of hour marginal prices of the Portuguese system, for the period comprised between 8:00 and 20:00 (HOES), and rounded to two decimals. The respective calculation formula is the following: n PTEL Peak Index SMPp j j1 n Considering that: n = number of “peak” hours on a business day (period comprised between 8:00 and 20:00 (HOES), equivalent to 12 hours); 2 This includes public holidays, from Monday to Friday. OMIP Notice 06/2006 2 j = corresponds to each “peak” hour (HOES) of the calendar day, for which the PTEL Peak index is being calculated; j SMP(p) = hour marginal price of the Portuguese system for the hour j, defined in € per MWh with two decimals. IFTR Indexes Calculation Methodology 8. For each calendar day, the "IFTR E-P" index corresponds to the arithmetic mean of the differences, if positive, between the hour marginal prices of the Spanish system and the hour marginal price of the Portuguese system, for 24 (23 or 25) hours of the day (HOES), rounded to two decimals, and with the following calculation formula: n IFTR E P Base Index max(( SMPe i SMP p );0) i i 1 n Considering that: n = number of hours on a calendar day (24, except on the last Sundays of March - 23 and October - 25); i = corresponds to each hour (HOES) of a calendar day for which the PTEL Base index is being calculated; i SMP(e) = hour marginal price of the Spanish system for the hour i, defined in € per MWh with two decimals. i SMP(p) = hour marginal price of the Portuguese system for the hour i, defined in € per MWh with two decimals. 9. For each calendar day, the "IFTR P-E" index corresponds to the arithmetic mean of the differences, if positive, between the hour marginal prices of the Portuguese system and the hour marginal price of the Spanish system, for 24 (23 or 25) hours of the day (HOES), rounded to two decimals, and with the following calculation formula: n IFTR P E Base Index max(( SMP p j ( SMPe );0) j j 1 n Considering that: n = number of hours on a calendar day (24, except on the last Sundays of March - 23 and October - 25); j = corresponds to each hour (HOES) of the calendar day, for which the PTEL Base index is being calculated; j SMP(p) = hour marginal price of the Portuguese system for the hour j, defined in € per MWh with two decimals. OMIP Notice 06/2006 3 j SMP(e) = hour marginal price of the Spanish system for the hour j, defined in € per MWh with two decimals. 10. In case that, due to exceptional circumstances, OMIE does not disseminate any of the relevant hour marginal prices for determining the indexes as mentioned in the preceding numbers, OMIP adopts approximate values of the missing hour marginal prices, based on: a) Interpolation of hour marginal prices formed for another hours of the same session on the daily market managed by OMIE; b) Extrapolation of hour marginal prices formed in preceding days on the daily market managed by OMIE; c) Using hour marginal prices formed on the intra-day markets managed by OMIE; d) Extrapolation of hour marginal prices of the same day formed in other European markets, taking into consideration the historical value of spreads formed with the daily market managed by OMIE. Entry into Effect th This Notice has been registered with CMVM on December 12 , 2013 and enters into effect on th December 17 , 2013. The Board of Directors OMIP Notice 06/2006 4